Plan to extend bullet train, coastal road to Vadhavan Port region in Palghar: CM Devendra Fadnavis
Speaking at an investor summit organised by Bank of America Securities in Mumbai, Fadnavis said that the area will host India's largest port as well as a new international airport, both of which have received clearance from Prime Minister Narendra Modi,
'This area will host India's largest port and a new international airport, for which green light has already been given by the Prime Minister. Plans are also in motion to extend the bullet train and coastal road up to this region,' he said.
Allaying concerns that improved connectivity with Gujarat through the bullet train corridor might lead to businesses shifting out of Mumbai, Fadnavis said that it will not take away any businesses out of Maharashtra.
'There is no way that such connectivity will take away any business from Mumbai,' he said.
Referring to concerns raised in the wake of the Surat Diamond Bourse, the Chief Minister said Mumbai's diamond trade — concentrated in Bandra-Kurla Complex (BKC) and parts of South Central Mumbai — remains robust and unaffected.
'In fact, prices for local diamond trading units in Mumbai have gone up by 40 per cent in the past two years,' he added.
Fadnavis also spoke about Mumbai's continued dominance in the financial services sector. 'All the big fintech names are investing in BKC. We are selling BKC land at record-breaking prices—these are unheard-of figures,' he said.
Dismissing the perception of Mumbai losing its competitive edge, the Chief Minister said, 'I don't see any challenge. Mumbai remains the first choice for global and domestic investors in financial services.'
Stressing the need for a collaborative approach to national development, Fadnavis said states are not in competition with one another. 'We have to work in synergy across India,' he said.
The 'Fourth Mumbai' project around Vadhavan Port is part of the state's broader plan to decongest the financial capital and unlock new zones for trade, infrastructure, and residential expansion.
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